Anthropic files S-1 for Nasdaq IPO, showing record revenue and first operating profit

Anthropic is the first major AI lab to file an S-1 with the SEC, planning to list on Nasdaq under the ticker "ANT." The filing reports $11.6 billion in quarterly revenue, a first-ever operating profit, and existing customers spending nine times more year over year. It also discloses roughly $800 billion in long-term compute commitments.

Why it matters: This is the first audited look at the economics of a frontier lab, and it tests whether AI revenue can outrun the capital intensity of training and serving models. The huge compute obligations tie Anthropic's fortunes to data center, chip and power supply, echoing the pressures seen across the industry. A successful listing would also set a valuation benchmark for OpenAI's reported pre-IPO raise.